NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial
property owner, today announced an agreement to sell 600 Lexington
Avenue, a 36-story, 303,515 square foot Midtown Manhattan office
building, for a gross sales price of $305.0 million, or $1,005 per
square foot. This transaction is expected to close by the first quarter
of 2018, subject to customary closing conditions.
The sale is expected to generate net cash proceeds of approximately $292
SL Green’s Co-Chief Investment Officer, Isaac Zion, commented, “The sale
of 600 Lexington represents the culmination of a strategic approach that
started with a distinct business plan to make targeted capital
improvements in order to increase occupancy and improve the rent profile
of the building, and now ends with the opportunity to redeploy the net
proceeds we’ve generated into other investment prospects.” He continues,
“This transaction not only completes an exceptional investment for us,
it further demonstrates continued investor demand for East Midtown
SL Green acquired the property in May 2010 for $193 million, through a
joint venture, and subsequently took full ownership of the property in
December 2015. The property is currently 99% leased.
Darcy Stacom of CBRE represented SL Green in this transaction.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City’s largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of September 30, 2017, SL
Green held interests in 118 Manhattan buildings totaling 47.8 million
square feet. This included ownership interests in 27.5 million square
feet of Manhattan buildings and debt and preferred equity investments
secured by 20.3 million square feet of buildings. In addition, SL Green
held ownership interests in 27 suburban buildings totaling 4.3 million
square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. To be added to the Company’s
distribution list or to obtain the latest news releases and other
Company information, please visit our website at www.slgreen.com or
contact Investor Relations at (212) 594-2700.
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statements, whether as a result of future events, new information or
Chief Financial Officer
Green Realty Corp.
Source: SL Green Realty Corp.
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